Its trading debut on Wednesday (29/06) was impressive, supported by positive market sentiments as concern about the Brexit referendum result has faded, while the approval of Indonesia's tax amnesty program (approved by Indonesia's House of Representatives) was warmly welcomed by investors. At the end of the first trading session shares of Graha Andrasentra Propertindo had surged a whopping 64 percent. However, due to profit-taking the value fell but by the end of the trading day its shares were still up 23.57 percent.

About 50 percent of the IDR 300 billion that was generated through the IPO will be used to develop new recreational (theme) parks in Yogyakarta, Bandung, Cirebon, Medan, Palembang, and Makassar. Graha Andrasentra Propertindo also plans to develop a water park and hotel in Malang (East Java). About 30 percent of funds will be used to upgrade and expand the existing park (Jungle Land) in Bogor. The remainder is allocated to working capital and for the purpose of paying off debt from banks and its parent company Graha Andrasenta.

Stock Quote Graha Andrasentra Propertindo - JGLE:

The Bakrie Group is one of the more controversial groups in Indonesia due to debt turmoil and the occasional scandal (for example the Sidoarjo mud-flow). It has a strong connection to politics and the government because Aburizal Bakrie is the Chairman of Golkar and still fosters presidential ambitions.

One of the group's subsidiaries, telecommunications provider Bakrie Telecom, has come close to realize its debt restructuring program after shareholders approved a rights issue plan. The rights issue is part of Bakrie Telecom’s efforts to trim its IDR 14.9 trillion (approx. USD $1.1 billion) debt. China-based Huawei is set to become one of the company's new shareholders due to a mandatory convertible bond program.

The Bakrie Group also plans to sell a 10 percent stake in its free-to-air television station ANTV for IDR 1.3 trillion (approx. USD $100 million). This stake is currently held by Bakrie Group's unit Visi Media Asia (VIVA). This divestment will help to pay off VIVA's debt that currently stands at IDR 3.21 trillion.